The JSE was at a fresh all-time high at noon on Wednesday, boosted by gains in resources as the bullion price moved through the $670 per ounce level. Several resources counters reached lifetime or long-term highs.
By 11.47am, the all-share index was up 1% as resources climbed 1,96%, the gold-mining index jumped 2,02% and the platinum-mining index gained 1,50%. Industrials were up 0,56% while financials were flat and the banking index declined 0,32%.
The rand was bid at 6,06 per dollar from 6,03 when the JSE closed on Tuesday, while gold was quoted at $675,45 a troy once from $664,40/oz at the JSE’s last close.
Spot gold climbed to $676,80 a troy ounce — its highest level since 1980 — on the weak US dollar and the oil price, which is trading at record levels, traders said. Platinum also reached another all-time high of $1 187,50/oz.
“We are basically ignoring global markets and the rand — the focus is on commodities prices,” said a local equities trader.
Among resources Anglos advanced 647c, or 2,44%, to R272, while BHP Billiton was up 140c to R130,40.
Petrochemicals group Sasol added 720c, or 2,69%, to R275 after touching an intraday best of R276,80. Sasol was being buoyed by persistently high crude-oil prices.
Among gold counters, AngloGold Ashanti was up 391c to R335 and Harmony Gold was 350c higher at R105,50 while Gold Fields was up 280c to R156,01 in early trade.
Impala Platinum was up R11,90 to R1 202 and AngloPlat jumped R11,70 to R617.
London-listed brewer SABMiller shed 69c to R129,01 while Bidvest collected 51c to R109.01 and PPC jumped 150c to R418.
MTN, which was under pressure on Tuesday following its announcement of a $5,5-billion purchase of Beirut-based Investcom, rebounded 276c, or 4,58%, to R63,01.
Also in the news, Investec jumped more than 4% after the London- and Johannesburg-listed specialist banker announced it is expecting earnings to be between 50% and 60% higher for the year.
It was last up 4,28% or R14.75 at R359 per share, after touching R360.
In a trading update, it said it had experienced a very strong performance from all its business units in the second half of the year and that earnings per share for the year ended 31 March 2006 were likely to be in the range of 201,9 pence to 215,4 pence. Restated earnings per share for 2005 amounted to 134,6 pence.
The group will be releasing its annual results on May 18.
Old Mutual shed 21c to R21.23.
Nedbank was up 90c to R126,50, Standard Bank added 14c to R84,65 but Absa was off 146c to R116,75. — I-Net Bridge